Bottom line: Bitcoin long term bullish structure remains intact with 6425 in place. Furthermore, bulls are poised to push through 10300/50 resistance before pulling back.
Technical Analysis:
Bitcoin bulls remain in control and 10300/50 levels are expected to be taken out before a meaningful retracement could occur. Looking at the lower degree wave structure since 6425 lows in December 2019, a 5 wave structure could be near to completion. Waves I, ii, iii, iv had terminated at 7692, 6853, 9188 and 8212 respectively. Please note that Wave v has already hit the fibonacci 0.382 target at 9590, for potential Wave 1 to terminate. It could be safe to conclude that Wave 1 is either complete at 9600 levels or could complete at 10300 (fibonacci 0.618 target is pointing towards 10255). Traders might be willing to take profits on the long positions close to 10200/300 levels, if Bitcoin bulls manage to reach there. Immediate price support is seen at 8315 and a break lower would confirm that a meaningful top could be in place. For now, potential for a last rally towards 10300/50 levels remains. Also note that resistance is seen at 10350 levels and bulls would be poised to break higher, before pulling back. Conservative traders might want to remain flat and allow prices to pullback after Wave 1 is complete. It could be ideal to consider initiating long positions again at a potential Wave 2 termination going forward. Looking at the higher degree wave structure, Bitcoin might be into Wave ((5)) since 3000 lows in December 2018. Furthermore, a lower degree Wave (1) and (2) already in place at 13800 and 6425 levels respectively. At the moment, Wave (3) could be underway and is expected to terminate above 13800, before Waves (4) and (5) unfold.
Prepared by
Harsh Japee, Technical Analyst.
Bitcoin Chart
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